On Thu, 12 May 2005 19:04:40 GMT, "Jay Honeck"
wrote:

Not to diminish what has happened at United, but it was reported on NPR that
United pensioners are guaranteed their pensions, up to $45K annually.

The guarantee of course is by the American taxpayer. (Speaking of the
nation, not the airline.)

I have little sympathy for airline employees, who in the good days set
the airlines up for future bankruptcy much as the United Auto Workers
did. (To be sure, the airlines and the auto mfgrs were enablers.)

Who in his right mind believed that generations of workers could
retire at 60 with $50/$60/$70K annual pensions and medical benefits
for the next twenty or thirty years?

The pension overhang guaranteed by the PBGB (whatever the order of the
letters: PGBB?) is half again as large as the savings & loan bailout
that wrecked the economy in the 1980s.

-- all the best, Dan Ford

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